WALL TOWNSHIP, NJ, United States, via eTeligis Inc., 07/02/2014 - - Coates International, Ltd. ("the Company")(OTCQB: COTE)-- Coates International, Ltd. (the "Company")is pleased to announce an agreement withSouthridgePartners II LP ("Southridge"), which establishes a $10 million equity line of credit financing facility.
-Pursuant to this Equity Purchase Agreement,Southridgeshall commit to purchase up to $10,000,000 of the Company's stock over the course of 36 months. The Company is required to register the shares of common stock with the Securities and Exchange Commission ("SEC"). Details of the agreement can be found on the Company's report being filed on Form 8-K with the Securities and Exchange Commission tomorrow.
-George J. Coates President & CEO, stated, "The funds will be accessed at our sole option for our manufacturing of industrial generators in the USA."
-The company is forging ahead with the Chinese $100,000,000 transaction. Licenses are being drawn up at this moment and a deposit is to be received by the 15thof this month.One COATES CSRVindustrial natural gas generator will be shipped to China. The industrial complex in China for the COATES production plant has already been selected and it is approximately one square mile. This gives the company the ability to manufacture all engine applications from the smallest to the largest industrial engines, including marine applications.More information on the Chinese transaction will be forth coming.
There can be no assurance that the Company will be successful in consummating this license agreement.
Safe Harbor Statement:
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.Please see our filings with the Securities and Exchange Commission.Our public filings with the SEC may be viewed and printed on the website maintained by the SEC athttp://www.sec.gov.
Coates International, Ltd.
SOURCE: Coates International, Ltd.